Consumer Complaints and Reviews
I have 2 retirement accounts and 1 Command account with Prudential. My agent is very helpful. However, both he and I are extremely frustrated because their systems don't work well and are so byzantine that even the so-called experts at Prudential disagree on how to do things. Their Web sites are very poorly designed and hard to use. To make the slightest change requires intervention from my agent, and sometimes takes months. Because they don't have the ability to do things on a computerized basis, my agent has to manually do all the work with my reinvested funds each month!
For the Command account, there is no mention of statements on their Web site. It turns out that statements are on a third-party site, separate from all other information on the account, and there is no link to that site or mention of it on Prudential's Web site. Furthermore, that third-party site has great difficulty connecting Prudential customers with their accounts. It currently can't even recognize that I have an account. I have not been able to access statements for 6 months.
Prudential's management is so incompetent that I find it impossible to believe they will remain in business. You can't be this messed up and keep your customers. I worry that I will use my funds when they go belly-up, and I have lots of money with them. I don't think they will continue to be able to get good agents because why would anyone good go with such a poorly managed operation when there are other companies they could work for?
I asked for a moderate risk account. They invested my account for several years in government bonds that we're paying less than 0.2% but they were charging me 1.25% for this account. I was better off putting my money under the mattress or with Discover IRA which pays 1% and has no fees. I also asked for a distribution from my IRA to take advantage of taxes but they took so long I entered another tax year. Worst return on retirements fund I have ever seen and lots of hidden fees you will never see unless you read extremely fine print.
Bought from a Prudential account, a dividend paying instrument. It is several years between payments. In Ma it was never a problem. I tell Prudential about missing fund, they pulled my account and said "yes it is here." I called 4 days later about this money and now there is no record. Massachusetts misplaced fund. Response was "sorry we have no record." This was strange as I had been contacted by a proxy. We said it was there and they would retrieve it for a mere 20% of the total. Why do I feel the recipient of crack back blocks?
I was with Prudential for nearly 14 years with a 401k. When I left my job for a new job, I waited a year and sought to rollover my Prudential 401k to another investment firm. I sent in the rollover paperwork no less than 6x over a 6 month period. I nearly gave up until my new investment provider got involved to assist. Each time, I called they needed some paperwork, something wasn't legible or the best one was the fax machine cut it off. Upon completion, 4 months later, I receive a letter saying that I have some money left in the account. I asked for the $ to be sent to me. They initially hit me with a $40 processing fee for the rollover.
Now they hit me with another $40 for the remaining balance cash out. I called back to see if the fee could be waived because my full 401k was to be rolled over. They won't refund my $40 and all the explanation they can give is that my employer put it there upon cash out two years after I left the company. You decide if you want to be subject to this company. I personally never will again.
Prudential Financial Companies pay out greater compensation to broker-dealers to defraud VA individuals. When the contract was issued, Prudential gave VA individuals unregistered funds (including hedge funds), which were already doped with significant amount of mispriced "junk bonds" and then use a 2-stage arbitrage-based defined benefit risk transfer embezzlement scheme to steal capital funds and market gains of VA individuals during stage 1 of each benefit quarter; and cook the books at stage 2 on each benefit quarter. Civil Action No. ** against Prudential Financial, Inc., et al was file with US District Court, Northern District of IL E Div. on July 15, 2014.
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I made the mistake of investing a significant amount of money with Prudential advisors. Their fees were not competitive (1.5%), and they flatter you and tell you what you want to hear to get your money. I fell for it, I'm ashamed to say. I started getting suspicious when they started pushing an annuity for a large sum of money ($500K). I am only 40. I also fortunately passed on getting long term care insurance through them. I got suckered into a whole life policy, thinking my son (who is mentally disabled) would need the funds when I die.
They really pushed the "for your son's welfare" angle, when I now know I could make more just investing it. They also sold me a 401K for my office, but never told me about the kickbacks they got. I finally pulled everything when they recommended I stay in bonds in 2012, then stocks go up 18%, and then they tell me now I need to be in stocks. I estimate I've lost about $20-40K with them due to bad investing and their fees, in just 18 months. Everything is with Vanguard now, and will stay there. PS: Frontline did a really good report on this issue about 2 months ago.
Prudential annuity - The past returns are not reflected on my accounts. When questioned that the past returns stated were different, they said they can alter each account even when they have stated publicly yearly returns. How is the consumer to judge from past performance when the returns are false?
There are two money market accounts available to employees of Golden Gate University. One is a Medley account, the other is a Prudential Goverment Securities Trust account. There was no warning on the exchange funds page that advised me that I should review the plan highlights (located on another web page (or a link to the highlights page) to indicate I might be electing a plan where I would be charged surrender fees.
I chose the Prudential Government Securities Plan and received a confirmation in the mail that shows I was charged $843.60 in surrender fees (4% of my contributions and 4% of my employers contributions). I called Prudential right away (the confirmation says I have 30 days to register a complaint - so I called them on 1/28/03). Marilyn said she would check into to it, asked three other people and said she got three different answers. She then said she would call me back after my account had been reviewed.
Today (1/29/03) she called me to say the surrender fees stand, that I was charged 4% of my contributions and 4% of my employers contributions. I asked if there was a review board I could write to. She said no, that my accout had been reviewed by senior management, but that she would register a complaint with them. The telephone conversation was recorded. She informed me that information about possible surrender charges were contained on the website under Highlights.
She said she would register my complaint on the basis that there was no indication on the Exhange Funds page that does not warn anyone surrender charges may apply. I said, yes, if I had had a warning, I would have never elected to place my funds in the Prudential Government Securities. I am outraged and very, very disappointed with Prudential. It seems to be a cruel trick on unsuspecting consumers to help themselves to hard-earned wages that we are trying to save for retirement.
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